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Nickel technical view for intraday traders

Nickel March contract on mcx
inched 13 rupee up to settle at 947. Nickel has resistance at 953 any sustained move
above that level would bring 960-970 on cards. Support is now seen near 940 any
failure below that level would bring 935-930 on cards. Key support is now
placed at 925 and any failure below that level would bring 918-910 and more
down side.

Nickel trading range for the day
is expected among the key support at 927 and resistance at 955.

Recommendation:

Â·Today
buying nickel on declines around 938 with stop loss below 927 for targeting 970
and more upside might be appropriate in short term.

Â·In
alternative scenario buying above 953 with stop loss below 942 for targeting
960-970 and more upside might be appropriate in short term.

Â·Selling
below 927 with stop loss above 936 for targeting 921-916 and more down side
might be appropriate.

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